Personal Loans

Best Buy Financing: 5 Ways to Pay for Your Next Purchase

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From appliances to gaming systems and television sets, Best Buy offers a variety of electronics and accessories. Because your purchase can easily climb into the hundreds or even thousands of dollars, Best Buy shoppers may find financing using the company’s branded Citibank credit cards or Progressive Leasing®.

Read on to review your options for Best Buy financing.

Best Buy: Financing purchases in-store

Best Buy credit card promotional financing

Best Buy offers two credit cards through Citibank. Each has deferred interest financing for six to 36 months. Eligibility is contingent on the purchase amount and items or services being purchased.

Best Buy credit card offers
Card Purchase restrictions APR Perks
My Best Buy® Credit Card Can be used only for Best Buy purchases. 25.24% Variable
  • Get 2.5 points per $1 spent (5% back in rewards) on qualifying Best Buy® purchases
  • Deferred interest financing available
My Best Buy Visa® Card Can be used anywhere Visa is accepted. 23.24% - 27.99% Variable
  • Get 2.5 points per $1 spent (5% back in rewards) on qualifying Best Buy® purchases, 3% back on gas, 2% back on dining and 1% back on other purchases
  • Limited time offers also available
  • Deferred interest financing available
Cardholders can qualify for 6% back on Best Buy purchases by becoming Elite Plus members. Status is automatically awarded and begins 15 to 20 days after you make $3,500 or more in purchases at Best Buy or on in a calendar year.

To qualify for either card, applicants must:

  • Be at least 18 (21 if a resident of Puerto Rico)
  • Be a resident of the United States or its territories
  • Meet credit requirements
  • Provide employer and income information, as well as your Social Security number and date of birth
  • Submit any requested supporting documentation

And here’s a look at the special financing you may be eligible for when using your Best Buy credit card:

Special financing through Best Buy’s credit cards
Purchase Interest-free term Eligible purchases
$199 and up 6 months Storewide purchases
$399 and up 12 months Storewide purchases
$599 and up 18 months Appliance purchases, including kitchen and laundry appliances, totaling $599 or more. Includes Geek Squad® appliance services and protection plans.
$799 and up 24 months Home theater purchases totaling $799. Includes Geek Squad® services related to home theater mounting, installation and protection plans.

When making purchases online, Best Buy will automatically enroll you in the longest-term financing offer available. You can select a shorter financing offer when available. For special financing in-store, speak with a Best Buy employee for more details.

Progressive Leasing

Borrowers who can’t get approved for a credit card may consider Progressive Leasing. It’s a 12-month lease-to-own agreement.

Progressive Leasing requires no credit check for approval. Instead, approval is based on factors like income and employment. While flexible and accessible to those with lower credit scores, Progressive Leasing is more restrictive than with credit cards; items such as drones, software, delivery charges and Geek Squad® protection plans might not be eligible purchases.

Progressive Leasing can be paid off early through 90-day purchase options and other buyout choices that vary by state. Unfortunately, the interest rates for Progressive Leasing are not posted. Before accepting a lease offer, determine what the total expense will be and make sure the lease-to-own item is worth the ultimate cost.

To apply, you’ll need the following handy:

  • Social Security number or individual taxpayer identification number
  • Checking account and routing number
  • Credit or debit card
  • Cell phone with internet access
  • Be 18 or over (19 in Alabama)

Then, follow these steps:

  1. Apply online or, while shopping at a participating Best Buy, find an employee and ask for a Progressive Leasing application and complete it in-store.
  2. Get the underwriting decision instantly in-store or online, allowing you to shop immediately. If an instant decision isn’t available, you can check your status online.
  3. If approved, the employee will help you select the item you want to lease and will have you sign the lease listing the payment amount and term.
  4. Take your item home or set up delivery.

3 more financing options for your Best Buy purchase

1. Personal loan

A personal loan is an unsecured loan — meaning you don’t need collateral to apply — that may offer a lower APR than you’d find on a credit card. However, you’ll need good credit to qualify and excellent credit to nab the lowest rates offered by lenders.

This financing option may be a cheaper alternative compared to a Best Buy credit card depending on your credit. It may also be a good alternative if you either don’t want a Best Buy credit card or need a longer amount of time to pay off your purchase. Where Best Buy’s financing options last as long as 24 months, a personal loan can have a term of 60 months or longer.

For individuals with a credit score of 720 or higher, average personal loan rates for Q1 2019 were 7.27%. When choosing a personal loan to pay for a Best Buy purchase, compare rates as well as fees, avoiding added charges and prepayment penalties whenever possible.

2. Zero-interest credit card

You may qualify for a rewards credit card with a 0% promotional APR on certain purchases for six to 15 months or longer. (Restrictions may apply depending on the card.) So long as you repay your balance before the promotional period ends, you won’t pay interest on purchases. Fail to do so, though, and you’ll be hit with high interest charges and, potentially, deferred interest.

Having your pick of a rewards card means you can choose the card with the best rewards structure for your regular purchases. However, rewards credit cards require strong credit to qualify, especially if you’re looking to snag a promotional 0% APR.

3. Paycheck advance

If you have damaged credit but absolutely cannot wait to make your purchase, you may request a paycheck advance through your employer’s HR department. You’ll effectively be borrowing money from your future paycheck with zero interest.

This is a good alternative to Best Buy’s leasing program or a payday loan, which can come with triple-digit rates and short repayment timelines. However, you should take extra care when taking out a paycheck advance: You’ll need to ensure that you’ll still have funds left over to pay for monthly bills, food and other financial obligations after payday arrives.

Specials are current as of date of publishing.


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